80.2K

Verified Solution

Link Copied!

I just need 8-10 done please.

RE8-7 LO 8.3 Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail $ 35,000 75,000 Beginning inventory Purchases Net additional markups Net markdowns Goods available for sale Sales Ending inventory at retail $ 92,000 200,000 15,000 (22,000) $285,000 (178,000) $ 107,000 $110,000 Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assump- tion. Round the cost-to-retail ratio to 3 decimal places. RE8-8 Use the information in RE8-7. Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail LO 8.4 inventory method under the average cost assumption. Round the cost-to-retail ratio to 3 decimal places. RE8-9 Use the information in RE8-7. Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail LO 8.4 inventory method under the LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places. RE8-10 Use the information in RE8-7. Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail LO 8.4 inventory method under the lower of average cost or market assumption. Round the cost-to-retail ratio to 3 deci- mal places. Cost-to-retail ratio: Ending Inventory at retail = Ending Inventory at lower of cost or market

Answer & Explanation Solved by verified expert

See Answer